change of mortgage from owner to landlord

thriftyvee

What are the chances if/when I inform my mortgage company I intend to let out my house my mortgage rate will increase?

angelsmomma

Mine increased by 1% with a fee and a consent to let fee on top.

Have you asked them if they will allow you to let?

Annisele

If you have a residential mortgage, then you won't be "informing" your lender, you'll be "asking" your lender - they get to say no! If you let the place anyway, you'll be doing so in breach of your mortgage conditions.

Can you tell us who your lender is, and give is an idea of how much equity is in the property? (Some lenders are much happier to give consent if the loan is 75% of the value than they would be if the property was in negative equity).

Jimbo1976

How much they charge and whether or not the lender will give consent to let varies from lender to lender and will also depend on how long you've had your mortgage with them.

If you've only had it for a few months then applying straight away for consent to let isn't something lenders like much

If you answer Annisele's questions you should get more information from the wise mortgage people who contribute to these forums